I have bought a new flat and took a standard fire and special perils policy for it. Will my policy automatically cover the risk of earthquake? If not, should I take a new policy or the risk can be added to the existing policy?
Arun Rathi, Jaipur
The standard fire and special perils policy does not automatically cover the risk of earthquake. The risk of earthquake, however, is listed in the standard fire special perils policy as an additional peril that can be covered under the same policy by making additional payment on account of premium. You don’t have to consider taking another policy to cover the earthquake risk; you can only advice your present insurers to include the risk of an earthquake in your existing insurance policy. They will calculate the additional payment to be deposited by you for securing the cover.
